TeraPlast Group closes sale of steel companies to Kingspan
TeraPlast Group, the largest producer of construction materials with Romania capital, announced anticipated closure of the sale of three of its steel companies to Ireland-based Kingspan Group on February 26. TeraPlast has received the second and last notice of approval needed for the transaction to be closed from the Commission for Protection of Competition in Serbia, it said in a statement filed with the Bucharest Stock Exchange, BVB.
The Serbian anti-trust body approved the sale of the third company in the steel division, TeraSteel Serbia, to Kingspan, on February 12. On January 12, TeraPlast received clearance from the European Commission for the sale of TeraSteel and Wetterbest.
TeraPlast announced the RON 410 million (USD 98 million/EUR 85 million) deal for its steel division on July 24, 2020. The steel division comprises the business lines operated by TeraSteel SA (Romania), TeraSteel D.O.O (Serbia) and Wetterbest SA (Romania).
TeraSteel is the leader of the Romanian sandwich panels market and, together with TeraSteel Serbia, is one of the top exporters on the Central and Eastern European market. Wetterbest holds the second position on the metallic roof tiles market in Romania.
Kingspan Group is a building materials company based in Ireland trading in 70 countries with 159 factories, which employs over 15 000 people. The company is listed on Euronext Dublin and the London Stock Exchange.
The TeraPlast Group product portfolio comprises several business lines: installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles.
The group’s seven companies are TeraPlast SA, TeraSteel Romania, TeraSteel Serbia, Wetterbest, TeraGlass, TeraPlast Recycling and TeraPlast Hungary.
Photo: TeraPlast Group
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